The Debt: One Thing Obama did Build

Tuesday, October 23rd, 2012 and is filed under Blog, Debt, Economy, Taxes

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Now that we’re just two weeks away from the election, and hopefully on the precipice of defeating Obama, it’s worthwhile to reexamine the numbers pertaining to Obama’s accumulation of debt.  Here are all the latest numbers as of today:

  • Total Gross Federal Debt = $16.196 trillion (10/19/12).  That’s a $5.57 trillion increase from when he was inaugurated.
  • The public share of the debt is $11.347 trillion, which is a $5.04 trillion increase.  It took from our country’s founding until August 2007 to accrue $5.04 trillion in public debt.
  • Share of Debt per taxpayer (based on 81,890,189 tax returns filed in 2009) – $197,775.
  • As CNS’s Terence Jeffrey reported this week, total debt held by foreign creditors is $5.43 trillion. That is $47,494.93 per household, an increase of about $19,841.64 per household since Obama took office.
  • China owns $1.164 trillion of our debtEvery taxpayer owes China $14,214
  • From June 2009 to June 2012, inflation-adjusted median household income fell 4.8 percent, to $50,964.

What do we have to show for all this spending? According to the Associated Press, the consensus forecast of economists is that the U.S. poverty rate for 2011 will rise to 15.7%, the highest level since 1965.

Oh, and with reduced income, are Americans able to live with less?  Nope – not after Obama has devalued the dollar and inflated the cost of vital goods and services with regulations and anti-market interventions.  Here’s the reality consumers are facing with healthcare, thanks to Obamacare: